Update
American Bitcoin Reports Q3 Mining Revenue and Profit
American Bitcoin Corp. reported third-quarter mining revenue of approximately $63.4 million and net income of about $126 million. The company's profit surge is attributed to a 39% increase in Bitcoin's price, turning a second-quarter loss into a nine-figure profit. Mining revenue decreased from $67 million in the second quarter, while costs rose due to seasonal power expenses. Gross profit fell to approximately $25.8 million, with gross margin at about 41% compared to 49% in the prior quarter.